Current Accounts

Searching for the best current accounts can be a headache. There are so many providers and so many offers.

Your current account is arguably your most important personal finance instrument, one that you will use numerous times a day. So when it comes to choosing yours, don’t skimp on the detail. Ensure that you get value for money and benefits that reward your loyalty.

So always take a close look at what a good current account should offer, including:

competitive AER rates

the amount of money needed to be in credit for the best deals

the level of cashback on certain transactions

ease of arranging overdrafts and loans

level of ATM charges.

The age of free-banking is fast receding, so it’s all up for grabs when it comes to arranging a good current account. The mid-to-upper level accounts are packed full of incentives to get the business, but you do have to be careful how much you are paying for some of the bells and whistles.

Some accounts will want a monthly financial commitment from you in terms of a fee, or a minimum amount of money paid in, but be careful that you don’t end up paying over the odds for your current bank account.

You need to select an account that suit’s the stage in your life when financial decisions need to be balanced with lifestyle. If you’re looking to get on the first rung of the property ownership ladder, then look for an account which might give you an advantage when it comes to arranging a mortgage. Many people look first to their bank when they consider a mortgage.

Likewise, if you’re at that age when a pension is looming, you might be looking at your bank current account to give you benefits that match your needs, such as deals on insurance and cashback offers.

Remember that you are in the driving seat and that it is a very competitive market out there, so it’s worth shopping around and don’t be frightened of swapping from one bank to another to get the best deal.